The MBTA said Tuesday that both service cuts and fare increases will be necessary to close a $159 million budget shortfall for the coming fiscal year. The transit agency pledged to use feedback from a series of charged public hearings on the T’s future over the past two months. At the 31 meetings, nearly all riders opposed the proposals. Many voiced anger, frustration, and fear about the life-altering impact that rate hikes and reductions in service would bring.